Bitcoin has steadily been gaining acceptance from the traditional finance and investment world in recent years but Warren Buffett is sticking to his skeptical stance on bitcoin.
He said at the Berkshire Hathaway Annual Shareholder meeting Saturday that it’s not a productive asset and it doesn’t produce anything tangible. Despite a shift in public perception about the cryptocurrency, Buffett still wouldn’t buy it.
“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”
Even bitcoin enthusiasts tend to regard the cryptocurrency as a passive asset that investors buy and hold and hope to see increase in price over a long period. Buffet himself commented that there’s “nobody” that’s short on bitcoin, everyone is a long-term holder.
